Cardano (ADA) news account Cardano Feed (@CardanoFeed) shared a screenshot showing that Tesla and Twitter CEO Elon Musk started following his account, causing great excitement in the cryptocurrency community. opened. This development has led to speculation about a potential change in Musk’s stance on the crypto world. This new move by Musk has triggered a series of discussions in the crypto market and is thought to have an impact on the prices of Cardano and other crypto assets going forward.
🔥 Oh my god!!! Welcome aboard #Cardano @elonmusk pic.twitter.com/12k84eGZme
NEWS CONTINUES BELOW— Cardano Feed ($ADA) (@CardanoFeed) April 1, 2024
In particular, Musk’s past dogecoin Considering his support for Bitcoin (DOGE) and Bitcoin (BTC), it was quite notable that Cardano Feed started following Elon Musk. Musk’s Tesla investment of $1.5 billion in Bitcoin in 2021 and soon accepting Bitcoin as payment for its electric vehicles had a significant impact in the cryptocurrency world until he reversed this policy due to environmental concerns.
While Musk was known to communicate with the Dogecoin community online, he was known to generally ignore other cryptocurrency communities. Therefore, Cardano Feed’s pursuit of Musk has caused a number of speculations and guesses in the crypto community. It has been a matter of curiosity whether this development foresees a change in Musk’s interest in Cardano and other crypto assets.
However, before ADA holders celebrated Musk’s potential support, some commenters noted the April Fool’s Day announcement, suggesting it was probably a cleverly timed prank.
Another post Musk made on the same day further strengthened this theory. Musk humorously announced that he has taken on the role of Chief Diversity, Equity and Inclusion (DEI) Officer at the Walt Disney Company. This humorous post highlighted the playful nature of Musk’s online activities, referencing ongoing cultural debates.
The crypto community seems to have joined in on this joking atmosphere by creating humorous content referencing the perceived frivolity of major companies.
Did Musk Abandon Dogecoin?
Meanwhile, analysts are keeping a close eye on Dogecoin. DOGE continues to receive Musk’s support for a long time. Crypto analyst (@ali_chargs) has identified a potential pattern in DOGE’s price history and suggests it may reflect its behavior during the 2018-2021 period. lasted.
I feel my fellow degens have been distracted with the new shiny #memecoinsbutt #dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE Seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
In 2021 in particular, Dogecoin reached an all-time high, fueled in part by Bitcoin’s record-breaking rise and Musk’s support during his appearance on Saturday Night Live.
If Ali’s analysis proves correct, Dogecoin could be poised for a significant price increase soon. However, as the cryptocurrency market remains volatile and unpredictable, investors are advised to do their research before making investment decisions.
While the prospect of Elon Musk backing Cardano is undoubtedly exciting for ADA supporters, this seems like a well-executed April Fool’s Day prank. Musk has yet to show public support for any other major cryptocurrency. Musk also recently confirmed that Tesla will soon accept Dogecoin for payments, solidifying his preference for the meme coin over other similar cryptocurrencies.
